SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. Litigation Release No. 15593 / December 17, 1997 Securities and Exchange Commission v. Holly Holdings, Inc. Civil No. 97-CV-03018 (D.D.C.) (filed December 17, 1997) On December 17, 1997, the Commission filed a complaint in the United States District Court for the District of Columbia against Holly Holdings, Inc. ("Holly Holdings"). The complaint alleges that Holly Holdings, a company involved in the development of a casino, hotel and parking complex in Black Hawk, Colorado, whose securities are quoted in the pink sheets, failed to make available to the investing public current and accurate information about its financial condition and results of operation through the filing of periodic reports with the Commission as required by the Securities Exchange Act of 1934 ("Exchange Act"). Specifically, the complaint alleges that Holly Holdings has not filed its Annual Report on Form 10-K for the fiscal year ended March 31, 1997, its Quarterly Reports on Form 10-Q for the fiscal quarters ended June 30, 1997 and September 30, 1997, and one Notification of Late Filing with respect to its delinquent reports. The Commission seeks to compel Holly Holdings to file its delinquent periodic reports and enjoin Holly Holdings from further violations of Section 13(a) of the Exchange Act of 1934 and Rules 12b-25, 13a-1 and 13a-13 thereunder. Simultaneously with the filing of the Commission's complaint, Holly Holdings consented to the entry of a Final Judgment granting the relief sought by the Commission and admitted that it had not filed the periodic reports as described above. ======END OF PAGE 1======